A group of more than 40 millionaires in New York state have written to Gov. Andrew Cuomo and top lawmakers calling on them to consider raising taxes on the state’s wealthiest residents to help address poverty and rebuild failing infrastructure.
The letter, a copy of which was given to The Associated Press, proposes new, higher tax rates for the top 1 percent of earners.
Those signing the letter include Abigail Disney, Agnes Gund, Leo Hindery and Steven C. Rockefeller.
The letter goes on to say additional revenue is needed to address child poverty, homelessness and aging bridges, tunnels, waterlines and roads.
Their proposal faces significant political obstacles. While the Democratic majority in the Assembly has its own plan to increase taxes on millionaires, the Republican-led Senate opposes the idea.
(AP)
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3 Responses
Why don’t they send in some money. Note that the tax deducation for charitable contributions is higher than the deduction for taxes paid (since you can’t deduct taxes from the jurisdiction you are paying them to, whereas a charitable contribution is deducible from both Federal and state taxes).
What’s stopping them from donating money to these causes? Why do their taxes have to be raised in order for them to help the poor?
And I’m sure these guys have the best accountants finding every loophole available to the point that their taxes are negligible.